South Korea to Restart Iranian Oil Imports
SEOUL — South Korean oil refiners said Wednesday they plan to restart imports of Iranian oil, saying that Tehran had offered to deliver crude on its own tankers and provide up to $1 billion worth of insurance coverage for the vessels.
South Korea, until last month the world’s fourth-largest buyer of Iranian crude, was the first Asian country to stop imports from Tehran because of a European Union insurance ban on tankers carrying Iranian crude, which came into force on July 1.
Refiners said Tehran had announced it would deliver crude on Iranian tankers and provide $1 billion insurance coverage on the vessels delivering to South Korea. The refiners said they were in talks with the National Iranian Tanker Co., a subsidiary of the National Iranian Oil Co., to sign a final deal soon but declined to elaborate on whether Iran had offered discounted prices for oil shipments.
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